Gen Re Announces 2016 U.S. Group Term Life Market Survey Results

May 09, 2017 12:00 PM Eastern Daylight Time

PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released results of the 2016 U.S. Group Term Life Market
Survey, the annual industry benchmark survey covering Group Term
Life and Accidental Death & Dismemberment (AD&D) in-force and new sales
premium results for the U.S. market, representing combined employer-paid
and employee-paid business.

According to the participating companies (29 for Group Term Life; 27 for
AD&D), sales and in-force premium growth was positive for both products.
Key observations include:

Participants reported $23.7 billion in total Group Term Life in-force
premium, a 3% increase compared to 2015.

The total number of employers offering coverage rose by 3%, while the
total number of insured employees grew at a more modest pace of 1%.

Group AD&D in-force premium was up by a healthy 6%, while new sales
premium exhibited a more significant gain of 19% after a decade of
mostly declining sales.

For the second year in a row, new Group Term Life sales premium
increased, growing by 4% to reach $2.5 billion.

Reported Group Term Life new sales volume among participants showed a 7%
gain over 2015. At $82,138, the average face amount for new Group Term
Life policies was also up by 7% in 2016.

Gen Re, a Berkshire Hathaway Company, is one of the leading
life/health and property/casualty reinsurers in the world. Our North
American life and health reinsurance company, General Re Life
Corporation, has superior financial strength ratings among life and
health reinsurers. Gen Re delivers tailor-made reinsurance programs and
risk management solutions for the Life, Medicare Supplement, Critical
Illness and Individual Disability Income markets. Through our research,
we also offer valuable information and insights. For more information,
visit www.genre.com.